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World
The head of Mitsui OSK Lines cautions that normal shipping traffic through the Strait of Hormuz will not resume soon despite the US-Iran reopening agreement.
The chief executive of Mitsui OSK Lines (MOL), the world's largest operator of oil tankers, has warned that shipping companies will not resume normal passage through the Strait of Hormuz in the near future, despite a recent agreement between the United States and Iran to reopen the vital maritime corridor. He emphasized that the sector is awaiting tangible implementation of the deal on the ground before risking sending vessels back into the area.
In an interview with the British newspaper Financial Times, MOL's CEO, Gotaro Tamura, stated that "ship operators need to see practical signs confirming the security situation in the strait is stable, not just a political agreement between the involved parties." He added that "resuming maritime traffic requires a genuine agreement reflected in the field reality of the Strait of Hormuz, providing shipping companies with enough confidence to return their vessels to the passage that has been nearly closed since late February."
Tamura highlighted that recent months have seen multiple unsuccessful attempts to reopen the strait since the outbreak of conflict in the Middle East, leading maritime transport firms to adopt a more cautious approach. He predicted that it would take "at least two weeks and possibly a full month" before navigation returns to normal levels, even after the anticipated agreement signing scheduled for Friday.
Although the deal has helped calm energy markets and pushed Brent crude prices down, shipping companies continue to monitor developments on the ground before making decisions. MOL manages over 900 ships, including more than 200 crude oil tankers, petroleum product carriers, and chemical vessels, making it the largest oil tanker operator worldwide by fleet size.
With vessels congested inside the vital waterway, shipping companies and shipowners have called on the United Nations' International Maritime Organization (IMO) to coordinate the departure of approximately 500 ships awaiting exit through the strait. Arsenio Dominguez, Secretary-General of the IMO, stated that "the organization is currently assessing the feasibility of safely resuming navigation, considering potential risks such as naval mines and congestion that could cause accidents."
He further noted that the IMO continues working on establishing a secure corridor to evacuate seafarers who have been stranded for over 100 days.
US President Donald Trump announced that the Strait of Hormuz would be open to all following the signing of the agreement with Iran, scheduled for Sunday. Meanwhile, German container shipping giant Hapag-Lloyd described the peace agreement news as "encouraging," expressing hope that its vessels stranded in the strait would be able to depart over the weekend.
However, Philip Belcher, Marine Director at Intertanko, an association representing tanker operators, urged caution and recommended conducting independent risk assessments for each ship before sailing.
